New Delhi: In a dramatic move, Prime Minister Narendra Modi announced the government is scrapping with immediate effect the existing currency denominations of Rs 500 and Rs 1,000 to combat black money, corruption and terror-financing.

“These notes will just be paper from tomorrow,” Prime Minister Modi said in a televised address to the nation.

Notes and coins of all other denominations continue to be legal tender. There will be no change in any other form of currency exchange, be it cheque, DD, payment via credit or debit cards etc.

Quick Read

*Existing Rs 500 and Rs 1000 currency notes cease to be valid from November 9

*You can return them to banks or post offices until December 30, 2016

*New notes of Rs 2000 and Rs 500 will be circulated soon

*There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards